How is enterprise value affected by debt repurchases?

Have a simple question for you guys that you might be able to help me with.

I am thinking about a situation where the company is levered pretty high, and could repurchase debt to delever over next couple of years. I think these repurchases would be at par, so not a distressed exchange.

My question is how does debt repurchases or buybacks affect the equity value of a public company? If it is funded via OCF and not cash on hand, how does the equity value change and the overall EV?

Does the sign of a buyback of debt (as opposed to equity) increase the equity value and does this deleveraging mechanism ever act as a catalyst to purchase the equity that is the most junior on the cap structure?

Trying to wrap my head around this

 
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